Marathon Petroleum profits soar on Iran War-driven crack spreads, boosting buybacks and dividends.

Marathon Petroleum Corporation (MPC) has seen its refining earnings before interest, taxes, depreciation, and amortization (EBITDA) nearly triple year-over-year due to surging crack spreads caused by the Iran War. This has led to windfall profits and strong first-quarter results, with expectations for margins and cash flow to continue improving through the third quarter and possibly until 2027. MPC has authorized $8.6 billion in share buybacks and maintains solid dividend coverage, supported by a healthy balance sheet. The company is positioned for significant capital returns, and analysts maintain a Buy rating with a price target of $285 per share, reflecting both normalized earnings and one-time windfall gains.